Included in the investment is the development of property and foundry assets of privately held Mega Cast. Metso estimated that the acquisition and work will be complete by 2020.

Minerals consumables business president Sami Takaluoma said the investment, which aligns with its strategy for growth, will increase its production capabilities in cast wear parts and expand Metso's global manufacturing footprint in foundry products even further.

"[It will] improv[e] our operational capabilities and allowing us to meet our customers' growing needs both in terms of availability, as well as reduced lead times," Takaluoma added. "We are continuously investigating new ways to develop our supply capabilities through our own manufacturing facilities, as well as through our supplier network."

Work on the foundry will commence as soon as the asset acquisition is completed. Metso expects first product deliveries from Vadodara by the end of 2019, with production ramping up in 2020.